HSBC partners with Cathay Pacific and EcoCeres in Hong Kong’s largest SAF initiative, aiming to decarbonize aviation. The program reduces emissions by 11,800 tonnes, marking progress toward net zero.
HSBC Hong Kong has partnered with Cathay Pacific and biofuels producer EcoCeres to advance the adoption of sustainable aviation fuel (SAF) and reduce carbon emissions in air travel. As part of the initiative, HSBC will purchase 3,400 tonnes of SAF produced by EcoCeres for use on Cathay Pacific flights departing from Hong Kong International Airport.
Ronald Lam, Chief Executive Officer of the Cathay Group, highlighted the partnership’s significance: “We are grateful to HSBC for this landmark partnership, showcasing shared sustainability leadership, and to EcoCeres for their market leading SAF production. We are very encouraged by the participation by more and more corporates in SAF-related initiatives.”
The initiative aligns with Cathay Pacific’s objective to increase SAF usage to 10% of its fuel consumption by 2030. For HSBC, this marks its largest SAF purchase to date and serves as a pilot program. Luanne Lim, HSBC Hong Kong CEO, remarked, “This pilot programme could help pave the way for broader implementation. The agreement reflects our support for new economy solutions and demonstrates how businesses can collaborate to support innovative decarbonisation technologies.”
EcoCeres, a specialist in SAF production from waste-based biomass feedstock, will produce the SAF using fully traceable used cooking oil. The fuel will achieve an estimated lifecycle carbon emissions reduction of 11,800 tonnes compared to conventional jet fuel, equivalent to the emissions from approximately 10,000 roundtrip Economy class flights between Hong Kong and London.
Matti Lievonen, Executive Chairman of EcoCeres, emphasized the broader implications of the collaboration: “This initiative will support HSBC in improving the traceability of its travel supply chain and exemplifies progress towards a greener future. We are confident that this tri-party partnership will serve as a successful model, inspiring global efforts towards decarbonisation in the aviation sector and promoting the shift to renewable energy solutions.”
The partnership signals a key step in Hong Kong’s SAF ecosystem development and highlights the growing role of corporate initiatives in fostering a sustainable future for aviation.
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